Despite a drop in revenue, Singapore luxury retailer FJ Benjamin’s net loss for its latest fiscal year has narrowed to S$17.42 million (US$12.7 million) from $22.96 million.
Turnover slipped 18 per cent to $207.49 million mainly because of discontinued businesses and a drop in sales to an Indonesian associate. However, the gross profit margin improved to 42 per cent from 39 per cent a year ago thanks to tighter inventory management and improved sell-throughs, says the group.
“Management expects the operating environment to remain challenging in Singapore as economic growth stays sluggish and the Singapore dollar continues to strengthen relative to regional currencies.
“While management is conscious of the challenges and will remain vigilant on costs, we will continue to identify new business opportunities that will enhance the group’s portfolio and help the group return to profitability.”
FJ Benjamin Holdings offers brand building and management, and develops retail and distribution networks for international luxury and lifestyle brands across Asia. It has offices in eight cities, manages more than 20 brands and has 226 stores.
According to its website, it exclusively retails and distributes brands such as Banana Republic, Celine, Gap, Givenchy, Guess, La Senza, Loewe, Sheridan, Superdry and Tom Ford. Its retail footprint includes Southeast Asia and Hong Kong.
It also distributes timepieces for such brands as Bell & Ross, ChronoSwiss, Frederique Constant, Guess, Nautica and Victorinox Swiss Army.